Obama can do little as gas rises

World events driving up prices of crude oil, and U.S. drivers pay the price

New York Times

Published 11:47 pm, Thursday, February 23, 2012

MIAMI — President Barack Obama, confronted by the political perils of surging gasoline prices in an election year, defended his efforts to wean the United States off imported oil Thursday, even as he conceded there was little he could do in the short run to ease the pain at the pump.

Speaking to students at the University of Miami, the President offered what he called an "all-of-the-above" response, based on more domestic oil production, development of alternative energy sources and stricter fuel-efficiency standards.

This was the President's first major effort to tackle an issue that has surfaced in the past few weeks, as oil prices have been driven up by tensions in the Middle East, where Iran has threatened to retaliate against the West because of sanctions over its nuclear program.

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Obama seemed keenly aware of the risk posed by oil prices. A previous cycle of price increases played briefly to the benefit of Sen. John McCain, R-Ariz., during the 2008 presidential campaign, when his running mate, Sarah Palin, revved up crowds with the chant, "drill, baby, drill."

The President said the United States is producing more oil than at any time during the past eight years, with a record number of rigs pumping. The White House, he said, was prepared to open new areas in the Arctic Ocean and the Gulf of Mexico to exploration.

But Obama warned no amount of domestic production could offset the broader forces driving up gas prices, chief among them Middle East instability and the ravenous energy appetite of China.